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American Trading Systems Brasil is seeking permission to launch an exchange in Brazil, putting it in competition with BM&FBovespa. "We are working with a lean, spartan structure that aims at producing very attractive margins and helps investors diversify their trading platforms," ATS Brasil CEO Alan Gandelman said. The exchange, which would start out by offering trading in exchange-traded funds and cash equities before moving on to equity derivatives, would be complemented by a clearinghouse, Gandelman says.

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The new clearinghouse project undertaken by BM&FBovespa will help brokerage houses as fixed-income instruments, derivatives, equities and commodities clearinghouses will all be integrated in a single place, lowering operating costs, said Luiz Fernando Figueiredo of the exchange operator's risk management committee. "The brokerage business has suffered for a long time, and that's why I'm sure the new rules are key to help them find a business niche," Figueiredo said.

The Commodity Futures Trading Commission recently finalized rules governing swap execution facilities. However, energy market participants appeared to be little affected because they have largely shunned the new facilities and instead are conducting their trades on futures exchanges, experts say.

Finance ministers in the eurozone are poised to set guidelines on bank rescues, including how much a government would have to contribute. Ministers will also decide how the region's rescue fund will save a bank from collapse. "We will reach a decision on all aspects of direct recapitalization," a senior EU official says.